The investment guarantees the jobs of 3,000 workers for years to come, union leader Mike Van Boekel said.

The plant, which opened in 1989, is running three shifts and weekends to produce the hot-selling GMC Terrain and Chevy Equinox.

General Motors made the announcement Thursday morning at the Canadian International Auto Show in Toronto.

GM Canada president Steve Carlisle said the investment allows CAMI to build “the next generation Chevrolet Equinox” and includes $190 million for equipment at the CAMI plant and $370 million for its suppliers in Canada.

General Motors introduced a new redesigned version of the Equinox on Thursday.

Van Boekel, chairman of Unifor Local 88, said the investment will pay for the installation of a new weld shop in a recently completed 350,000-sq.-ft. expansion of the plant.

Van Boekel said it will take at least 18 months to complete the weld shop. He said the new investment won’t increase production or employment but will allow the plant to continue to produce at capacity.

“It will stabilize our jobs at the CAMI plant for the next five to eight years, once it is launched”

Van Boekel said production at the plant “maxed out” with 314,000 vehicles last year.

“This will allow them to retool a new weld shop without having to shut down production.”

In 2014, GM sold 19,500 Equinoxes and 11,500 Terrains in Canada. The company sold 240,000 Equinoxes and 105,000 Terrains in the U.S.

GM isn’t seeking any government money as part of the investment.

Van Boekel expects labour peace for a while because there’s more than two years before the current contract with GM expires.

The future is less secure for GM’s Oshawa, Ont., plant. GM is holding off on production plans for the plant until 2016 while it negotiates a new contract with Unifor.